NGX Falls as Investors Take Profit in Seplat
The Nigerian Exchange (NGX) shrinks on Monday after equity investors’ sentiment trading pattern switched to negative after an intraday rally. There was a profit booking on Seplat today following a 20% price appreciation reported last week.
Today’s selloffs triggered a 0.01 per cent decline in key market performance indicators, both, year to date returns then moderated.
Market data shows that apart from SEPLAT, AFRIPRUD and 16 other stocks prices went downward. Consequently, the Nigerian Exchange All-Share Index shed 6.00 basis points representing 0.01 per cent depreciation, to close at 47,262.61.
Overall performance of the local bourse shows that equity capitalisation shrinks by ₦3.23 billion to close at ₦25.47 trillion after opening the week on a high note.
However, the market activities were positive as the total volume and total value traded rose by 62.76 per cent and 34.47 per cent, respectively.
About 291.88 million units valued at ₦2.86 billion were transacted in 4,792 deals, according to Atlass Portfolios Limited, citing data from the Nigerian Exchange. JAIZBANK led as the most traded stock in terms of volume, accounting for 24.82 per cent of the total volume of trades.
The Islamic banking stock was followed closely by ACCESS (7.90%), UBA (6.85%), TRANSCORP (5.44%) and GTCO (5.26%) to complete the top five on the volume chart.
GTCO emerged as the most traded stock in value terms, with 13.97 per cent of the total value of trades on the exchange following its audited result that show the group missed on earnings.
CORNERST topped the advancers’ chart with a price appreciation of 9.38 per cent. The insurance stock was trailed by HONYFLOUR (8.33%), LIVESTOCK (2.94%), UBA (1.82%), ZENITH BANK (1.51%), FBNH (1.33%), UCAP (0.72%), DANGSUGAR (0.64%) and eleven (11) others.
In total, eighteen (18) stocks depreciated, led by NIGERINS with price depreciation of 8.70 percent each to close at ₦0.21, as AFRIPRUD (-4.41%), SEPLAT (-4.26%), UBN (-4.00%), UACN (-1.61%), UNILEVER (-1.41%), JBERGER (-0.75%), CUTIX (-0.43%) and MANSARD (-0.42%).
In spite of the selling rally, the equity market breadth closed marginally positive, recording 19 gainers and 18 losers, Nigerian Exchange trading data shows.
Today, sectorial performance was bullish as the Oil & Gas and Industrial Goods sectors closed negatively compared to the previous session by 2.40 per cent and 0.001 per cent, respectively. Meanwhile, the Banking index inched up 0.67%, Insurance increased 0.21% and Consumer Goods edged higher by 0.16% respectively.
“We expect investors to upturn the bearish trend in the next trading session following the recent price moderation in high dividend yield and fundamental stocks”, traders at Atlass Portfolios Limited said in a note. #NGX Falls as Investors Take Profit in Seplat
